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Measuring Lead Generation with Google Analytics to Improve ROI Measuring Lead Generation with Google Analytics to Improve ROI A marketing executive’s guide to Google Analytics and campaign metrics. Paul Mosenson Founder and President NuSpark Marketing February 2016 NuSpark Marketing, 2016 Introduction to Measurement Setting the stage to monitoring lead generation via marketing channels NuSpark Marketing, 2016 Welcome to Lead Generation Analytics Thanks for downloading our latest ebook. You are probably one of many who have a somewhat clear understanding of all that Google Analytics (or GA) has to offer, but maybe you don’t really understand all of the opportunities you have to analyze the results of lead generation programs with the free tool. So the focus of this ebook is lead generation measurement via marketing campaigns pure and simple. With GA you can do so much more with it (i.e. website page analysis, set up retargeting, visitor demographics) but again, the focus here is website traffic and conversions. Your goal is to make better, more efficient, marketing decisions (channels, tactics, spend, offers) that increase your ROI. This ebook will help shed some light on how to make those decisions. We also touch on tools such as Google Tag Manager (for ad and event tracking) and also a framework to measure your content marketing. Consider this ebook a primer, and a stepping stone to deeper analytics understanding. For now, enjoy, and learn something! Paul Mosenson, Founder, NuSpark Marketing NuSpark Marketing, 2016 The Cycle of Lead Generation Measurement Analytics must constantly Action be reviewed before, during, and post campaigns in order to optimize current and make better marketing decisions for future campaigns Insight Improvement Measure Analyze NuSpark Marketing, 2016 The Lead Management Ecosystem Inquiries enter the funnel, and are nurtured into leads until handed off to sales. Measuring the marketing pipeline is the focus of the ebook, with an emphasis on Google Analytics as a measurement tool. NuSpark Marketing, 2016 Courtesy Dan Fineberg Lead Generation Objectives According to the survey from eMarketer, improving lead quality is far and away the number one objective, followed by increasing sales revenue and number of total leads. Companies need to consistently assess and optimize their strategies in order to achieve these goals, and that means careful analysis of data, including what Google Analytics tells you. NuSpark Marketing, 2016 Planning to Measure A lead generation measurement program should be carefully laid out with goals and Key Performance Indicators (KPIs) for each campaign. It should answer what you’ll be measuring, when, and how. Goal examples: • Quantity of inquiries, and cost-per-inquiry. • Quality of leads, which denotes MQLs or marketing qualified leads, and a cost-per-MQL. • Increase in annual marketing ROI. • Increase funnel conversion rates (session-to-inquiry, inquiry-to-MQL, MQL-to- SAL (sales-accepted leads), and sales opportunity-to-close). NuSpark Marketing, 2016 Defining Analytics Data NuSpark Marketing, 2016 Introducing the Inquiry An inquiry is purely that- a prospect who has taken such an interest in a content or offer that he has agreed to offer an email address in exchange for the content. Inquiry insights: • For a content inquiry, he has carefully determined that your content was valuable, knowing that although he may not be ready to buy, there is some company problem that your content may help solve, and he is prepared to receive follow-up nurture emails and or qualification calls. • For a bottom-funnel inquiry; a request for a quote, consultation, assessment, trial or demo, this inquiry is more valuable and should be followed-up with within a timely manner. • Measuring inquiries is the foundation of all lead generation programs at the outset; your business depends on utilizing the right channels that attract quality inquiries more likely to buy. NuSpark Marketing, 2016 The Marketing Qualified Lead MQLs began as inquiries, but through a mix of continued content engagement, audience demographic segmenting, and other qualifications defined by marketing and sales together (timing, budget, industry), these leads are sent to inside sales by marketing. Some MQL insights: • Inquiries need to be convinced to engage with sales. They begin as researchers, but if your content is relevant and problem-solving, these inquiries will click and read more frequently, and return to your website. The concept of lead scoring, or assigning values to prospects based on who they are and what they do is typically what transforms an inquiry or top-funnel lead to become an MQL. • With the use of marketing automation linked with CRMs, there is capability of measuring “cost-per-qualified” lead which is the better metric to measure performance if you are able. Otherwise you should have an “inquiry to MQL” conversion rate prepared for planned analysis. NuSpark Marketing, 2016 Website versus Landing Page Goals Google Analytics can measure both websites and landing pages; much of the reporting examples in this ebook focuses on website measurement, but can be applied to lead capture landing pages as well. Your website A landing page • Traffic typically comes from organic • Landing pages are designed purely search or referral sites; and less from advertising. (SEO is in play here) for lead (or inquiry) capture. • The goal of website traffic is to engage a • Traffic comes purely from prospect to dig deep and learn about a advertising, email, or paid search solution. • Top funnel lead generation comes into • Offers can be a mix of top and play with compelling content offers or bottom funnel themes, but need to newsletters. be planned accordingly in your offer plan. • Bottom funnel leads are generated via consultations, demos, trials, but after a prospect is convinced to submit their • Key metrics are conversion rate info. and cost-per-conversion NuSpark Marketing, 2016 Next we review key metrics in Google Analytics, as a foundation to lead generation measurement. What is a Session • A session is simply a visit to your website that encompasses a one or a mix of page views, interactions or transactions. • If a prospect visits your site 10x in one day, that is recorded as 10 sessions. Thus sessions take into account users who visit the site more than once. • A session ends after 30 minutes of inactivity, at midnight, or if the prospect returns via a unique marketing campaign. NuSpark Marketing, 2016 % New Sessions • New sessions are the percentage of all sessions during a predetermined time frame. • New sessions are always good as you are attracting new prospects to your site. • A growing percentage of returning users are even better, as returning users denote prospects are interested in your content/blogs and more likely to become leads. NuSpark Marketing, 2016 What is a New User and What are these Cookies? • A new user is defined as the first time a device (PC, mobile phone, etc.) or browser loads your website; Google Analytics then creates a unique ID called a client ID and sends it to their servers. • These users are delivered cookies, and thus are identified as a unique person. Cookies are small pieces of data sent from a website and stored in a user’s browser. Users are not necessarily new to your site, but new during the time frame being analyzed. Cookies track every data point reported on GA. Source: http://analyticsdemystified.com/general/cookies-demystified/ NuSpark Marketing, 2016 Clicks versus Sessions (for Advertising) • Clicks are how many times an ad • A new user may click an ad or promoted link was clicked by a multiple times in the same user, which is different from a session. So if a user clicks an ad session. 3x within 30 minutes, ad reports will show three clicks, but Google Analytics shows one session. • A new user may click on your ad from website X, then return a day later via a direct or organic visit. Google Analytics will record the click as a new user, but track that user as two sessions NuSpark Marketing, 2016 Bounce Rate • A bounce rate is the percentage of sessions that visit one page during the session, then exiting. • If your bounce rate is over 40% (our goal is under 40%), then many of your visitors are leaving after just visiting one page, and that’s cause for concern. However blogs are usually one page long and can affect site bounce rate. It’s best to create a filter, whereby blog visitors are not counted. This is implemented by creating a custom audience segment within Google Analytics (more on this later). NuSpark Marketing, 2016 Two other engagement metrics • Pages Per Session and Average Session Duration: These two metrics measure how engaging your website is to prospects. Pages per session may be less important nowadays depending on site design, as many Wordpress themes focus more on the scroll than the link-click. Additionally a mobile site is typically less engaging than a desktop site. • It may be best to look at site engagement with Google Analytic’s built-in audience segments. Below shows example segments non-bounce visits and non- converters. Looking at these segments alongside general Google Analytic reporting can give you better insight on how your website is working to attract or not attract prospects that become conversions or leads. NuSpark Marketing, 2016 Campaign Tracking Tagging URLs NuSpark Marketing, 2016 What is Campaign Tagging • Campaign tagging allows you to add special tracking code to your destination URL (where prospects go to after clicking ads or links), aka a tagged URL, to identify in more detail the source of your website or landing page traffic. • When a visitor comes to a site that has the Google Analytics tracking code installed, Google Analytics captures a lot of data via cookies: the medium (organic, referral, direct, etc.), source (site the visitor came from), browser, screen resolution, country, metro, etc.
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